Oceanview only sells annuity products. Fixed Indexed Annuities (FIAs) and Multi-Year Guaranteed Annuities (MYGAs).
Agent FAQs
Yes, Oceanview Life and Annuity is a ‘just-in-time’ carrier. However, in Pennsylvania agents must be appointed prior to soliciting new business. Just-in-time refers to the appointment of an agent by Oceanview after a new business application is submitted. The agent must be licensed in the state where the application is signed and generally the appointment must occur within a certain timeframe as defined by the state.
Oceanview initiates the background investigation at the time the contracting paperwork has been received. Oceanview does not wait until new business has been submitted prior to commencing the required verifications. Oceanview may, at its discretion and when required by regulation, also conduct a background investigation at a future date.
No, Oceanview does not currently allow for dual contracting.
The Agent’s Producer Number is their National Producer Number or NPN.
Yes, the Marketing Organization must sign a release for the Agent, unless the Agent has had no production within the past six months. Oceanview accepts all release forms.
Do you communicate with the IMO’s regarding agent appointment approvals, terminations, or transfers?
Yes, Oceanview believes that communication is key, especially in terms of creating and continuing the mutual respect necessary to keep all parties apprised of any current developments.
The Agent and their direct upline management (“upline”) receive correspondence via email.
The Agent number does not change.
We retain the right to approve or deny any producer appointment requests. However, declinations may occur due to reasons such as criminal conviction, recent bankruptcy, ongoing and persistent credit issues or outstanding producer indebtedness. Agents are encouraged to include explanations of extenuating and mitigating factors when submitting their appointment paperwork if they have experienced similar issues, which may improve the chances of being approved.
The AML course needs to be completed every two years, or according to your specific state requirements.
Oceanview Licensing and Contracting requires an Agent’s AML, all CE requirements, and any state required training to be current prior to appointment.
Yes, we currently accept all providers.
Currently the product training is part of RegEd when an Agent submits licensing & contracting paperwork. Oceanview is providing some CE credit courses on RegEd as well, to allow agents easier access and availability to earn continuing education credits.
Yes, we require EFT for payment of commissions.
Oceanview pays commissions daily. Please allow 2-3 business days to receive the funds depending on your financial institution.
Yes. For example, if a Principal Agent holds the state license for an agency, commissions can be paid to the agency pending acceptance of a properly completed Commission Assignment Form.
Licensing requirements vary by state. Typically, all agents and agencies in the commission hierarchy need to be properly licensed to be paid commissions. However, as noted above, Principal Agents can hold a license for their agency. In some states, agents whose agencies that are not directly involved in the solicitation of the contract need not be licensed in order to be compensated. The Commission team can provide more information as needed.
Commission Statements are available online through the Oceanview Agent Portal.
https://professionals.oceanview.mccamish.com/agentportal#/login
Contact the Oceanview Commissions Department at 1-888-295-3815.
Oceanview contracts are owner-driven. This means that the owner controls all the rights in the contract such as naming beneficiaries, making withdrawals, and surrendering a contract. In addition, during the accumulation period, the death benefit generally will be paid out to the beneficiary when the owner dies, even if the annuitant is still alive. (Exceptions may exist for non-natural owner contracts).
A contract’s free-look period varies state by state. The typical free-look period is 20 days, or 30 days for replacement cases.
The contract effective date is when all required application documents are in good order and approved,and all premium monies have been received in full.
- MYGA – For MYGA contracts, the contract effective date is the date the last funds are received.
- FIAs – Currently, FIAs are only issued on Thursdays.
Oceanview reserves the right to deduct State Premium Taxes from the contract fund at the time they are incurred. However, it is the Company’s current practice not to pass these expenses to our clients.
Requests to collaterally assign contracts are reviewed on a case-by-case basis but typically are notallowed at the time of issue.
The client gets paid the extra day of interest in a leap year.
Oceanview Sales & Marketing at 1-833-656-7455.
No, we cannot accept a P.O. Box for a resident address, but the mailing address can be a P.O. Box.
Yes. We currently do NOT do business in NY, and VT. In addition, we don’t accept non-qualified policies in Colorado.
Fax: 1-888-417-3702
Agent Portal: https://professionals.oceanview.mccamish.com/agentportal#/login
Overnight Mail: 1851 SE Miehe Dr. Grimes, IA 50111
Regular Mail: PO Box830 Grimes, IA 50111
Transfer paperwork is sent via fax if the transferring institution allows faxed paperwork. If the transferring institution does not allow for fax, then Oceanview sends via overnight mail.
A follow-up call is made to the transferring company 10-13 calendar days from the date the transfer was sent and again 20 business days after the first follow up.
Contact the Oceanview New Business Department at 1-888-295-3815.
The Agent receives an email with the New Business NIGO Letter from Oceanview every 10 days untilthe NIGO requirement has been satisfied.
You may submit NIGO’s via Fax, Agent Portal or mail:
Fax: 1-888-417-3702
Agent Portal: https://professionals.oceanview.mccamish.com/agentportal#/login
Overnight Mail: 1851 SE Miehe Dr. Grimes, IA 50111
Regular Mail: PO Box 830 Grimes, IA 50111
The policies are mailed out to the business address of the Agent for the IMO Channel. The policies for the Bank Channel are mailed according to the election on the cover page (client or agent).
Yes, Policyholders are provided a prepaid envelope for the return of the Policy Delivery Receipt or the Certificate of Policy Mailing signed by the Agent. This can also be faxed to 1-888-417-3702.
Yes, subject to a case-by-case suitability review.
If joint owners want all death benefit proceeds to go to the surviving spouse, then the surviving spouse needs to be listed as the sole Primary Beneficiary. Children and others would be Contingent Beneficiaries. In the alternative, if a joint owner spouse dies and a primary beneficiary is not listed, the death benefit proceeds would be paid to the surviving joint owner spouse. If a spouse is entitled to 100% of the death benefit proceeds, the spouse may choose to continue the contract as a spousal continuation.
Each owner will receive a 1099 for 50% of the gain from withdrawals taken from the contract for the previous calendar year.
Non-profits, Trust Agreements, 501(c)(3)s, and Corporations are acceptable for annuity contracts. For all non-natural person contracts, a natural person will need to be listed as the annuitant. Oceanview requires official documentation confirmation that the application’s signatory has the right to act on behalf of the organization. Such documentation includes, as an example, the Corporate Resolution and additional documentation indicating a direct relationship between the Owner and the proposed Annuitant, as well as their authorization to act as signor on behalf of the applying organization.
For trust owned contracts, a completed Trust Verification Form must be submitted with the annuity application.
All POAs are reviewed by our Legal and Compliance teams. The company permits POAs to perform the actions identified in the order.
A copy of the Power of Attorney is required.
Yes. A Roth Conversion Form must be submitted with a new application for the converted funds.
No, however, we will accept funds from a SEP or SIMPLE IRA but Oceanview will not administer a SEP or SIMPLE IRA.
Yes, Oceanview offers Spousal and Non-Spousal Inherited or Beneficiary IRA contracts.
- Establishing an Inherited IRA contract involves complex tax considerations. Consulting a tax professional is highly encouraged to ensure the client understands their options and makes decisions aligned with their financial goals.
- Establishing an inherited contract involves additional administrative requirements and are subject to an individual review by Compliance.
Yes, Oceanview offers Non-qualified Stretch contracts.
- Creating a Non-Qualified stretch annuity contract can involve complex tax considerations. Consulting a tax professional is highly encouraged to ensure the client understands their options and makes decisions aligned with their financial goals.
- Establishing a Non-Qualified Stretch IRA contract involves additional administrative requirements and are subject to an individual review by Compliance.
Yes. The request to have the beneficiaries paid per stirpes must be clearly documented on the application or beneficiary change form.
Yes. Limited to settlement options listed in the contract.
Yes, with certain restrictions. See contract for additional details.
In most cases (some differences apply for joint annuitants), Oceanview MYGA contractsmature (the date when the contract must either be surrendered or annuitized) on January 1 of the year following the annuitant attaining age 95 or the last day of the Initial Guarantee Period extending beyond such date, if later. For Fixed Indexed Annuity (FIA) contracts, the maturity date is the contract anniversary following theannuitant attaining age 100. Check the contract’s schedule pages to validate the maturity date.
Please make the check payable to Oceanview Life and Annuity Company.
The maximum premium amount allowed per applicant without approval is $1,000,000 or more by Oceanview senior management.
Any premium amount exceeding $1,000,000 is subject to review and approval by Oceanview. An Above Maximum Premium Exception Request Form must be completed and submitted for the exception to be considered.
All premiums must be received to Oceanview within 60 days of the application sign date. The client will receive the higher crediting rate between the application sign date and current rate at the time premium is received. In the event of a rate decrease, all applications must be received within 14 calendar days of the application sign date. Any applications received after 14 calendar days will receive a NIGO and require a new application package.
All premiums must be received to Oceanview within 66 days of the application sign date. The client will receive the higher crediting rate between the application sign date and current rate at the time premium is received. Any applications received after 14 calendar days will receive a NIGO and require a new application package.
Yes, Oceanview does accept partial 1035 exchanges to fund new business cases and will also sendout/release partial 1035 exchanges to other carriers.
Yes, we do accept wire transfers. Please contact Oceanview Sales and Marketing at 1-833-656-7455 for wiring instructions.
For Harbourview MYGA, Sky Harbourview MYGA, and FIAs:
- Partial Withdrawal in the First Year – Partial withdrawals can be taken in the first year, however, the withdrawals will be subject to both surrender charges and a potential Market Value Adjustment (MVA)
- RMD withdrawal in the First Year – RMD withdrawals in the first year of the contract will also be subject to surrender charges and a potential MVA, therefore the client should make the current year RMD withdrawal prior to new purchase of a FIA or Harbourview/Sky Harbourview MYGA
For Harbourview MYGA, Sky Harbourview MYGA, and FIAs,
Oceanview does NOT allow for interestwithdrawals in the first year. Starting after the first-year contract anniversary, clients may take interest only withdrawals. In addition, clients can withdraw up to 10% of the contract value (free withdrawal amount) without being subject to surrender charges or an MVA. The value as of contract anniversary of the previous year is used to determine the 10% free withdrawal amount available to withdraw.
We allow for monthly, quarterly, semi-annually & annually systematic withdrawals after the first contract year as long as the minimum withdrawal requirements are met (currently $250).
A notice is generated and mailed to both the agent and the contract owner 40 days prior to the end of the contract’s guarantee period. This letter outlines the interest rates available for renewing the contract. Additional notices are sent following this letter.
Contract holders have multiple options at the end of their guaranteed interest rate period including the following:
- Renewal – Continue the Contract for the Same Guarantee Period at the declared renewal rate
- No new paperwork required
- The contract number will remain the same
- When a contract is renewed at the same guarantee period, the 10% free withdrawal is available in the first year of the new guarantee period
- Surrender – Surrender the Contract without Surrender Charges or application of any Market Value Adjustment:
- Contract holder may fully surrender the annuity during the renewal window by:
- Transfer to another carrier
- Requires In Good Order (IGO) transfer paperwork
- Full Surrender
- Requires the Oceanview Partial/Full Withdrawal Form
- This form is available at Oceanviewlife.com under Resources -> Downloads -> Service Forms
- Note: This Form is not available on the Agent or Client Portal
- Please refer them to their Tax Accountant or Tax Attorney for potential tax implications
- Apply the Contract to a Settlement Option:
- Owner can choose a settlement option as detailed in the contract such as a Life Annuity with Lifetime Payments Guaranteed, Life Annuity with 120 Payments Guaranteed, a Joint and Survivor Life Annuity with 120 Payments Guaranteed.
- Internal Transfer to a New Guarantee Period:
- Choose a different Guarantee Period at the declared rate for that period
- New application paperwork required
- New contract issued and no 10% free withdrawal for first year
- Partial Withdrawal: Take a Partial Withdrawal within the renewal period, with no Surrender Charges or Market Value Adjustment, and apply the remaining value to another Guarantee Period, which may be the same or different than the prior Guarantee Period.
- Partial Withdrawal of Funds – Requires the Oceanview Partial/Full Withdrawal or Transfer Form to be submitted for funds withdrawn
- Internal Transfer – To fund a new policy with the same or different initial guarantee period, transaction will be treated as an internal transfer and requires Oceanview new business paperwork and a Suitability review
- New Policy – A new policy number will be established for the new Oceanview contract
- Transfer to another carrier
- Contract holder may fully surrender the annuity during the renewal window by:
The contract holder must make a decision 30 days prior to (“30 day window”)when the guarantee period ends.
The annuity contract will automatically renew for the same guarantee period at the declared interest rate.
Yes. If you choose to renew into a new guarantee period, a new surrender charge schedule will apply for that new term.
It depends on the guarantee period. Upon renewal, you will receive a notice regarding the commission rate for the renewal of your client’s contract. In addition, please refer to the latest commission schedule for additional information.
Requested transactions can be submitted prior to processing date, but the requested date must clearly be noted within the transaction request.
Yes. The contract holder can do an internal or external partial 1035 exchange.
The Harbourview MYGA (Generic Policy Form ICC19 OLA SPDA) and Harbourview FIA (Generic Policy Form ICC19 OLA FIA) are single premium deferred annuities. May not be available in all states.
OCEANVIEW ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY THE FDIC OR NCUA/NCUSIF OR ANY OTHER FEDERAL GOVERNMENTAL AGENCY. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT. GUARANTEES ARE SUBJECT TO THE CLAIM PAYING ABILITY OF THE ISSUING INSURANCE COMPANY.
Annuities issued by Oceanview Life and Annuity Company, 1331 17th Street, Suite 1050, Denver, CO 80202. In California, doing business as Oceanview Life and Annuity Insurance Company www.oceanviewlife.com.
Annuities are generally designed as long-term retirement solutions and have certain limitations. They are generally not intended to replace emergency funds, serve as income for day-to-day expenses, or support short-term savings goals. Please review the contract for full details.
A.M. Best Rating as of December 11, 2024, is subject to change. A (Excellent) rating is third highest of fifteen possible rating classes for financial strength. The outlook assigned to these Credit Ratings is stable.
As each client and prospective client’s financial needs differ, care should be taken in making any recommendation to purchase an annuity. Therefore, nothing in this document should be read as investment advice.
Neither Oceanview Life and Annuity Company nor any of its representatives may provide tax or legal advice.
Withdrawals in excess of any Free Partial Withdrawal amounts are subject to a Surrender Charge and Market Value Adjustment (MVA). The MVA may have the effect of increasing or decreasing the Surrender Value of the withdrawal depending on the market interest rate changes.
The IRS may impose a penalty for withdrawals prior to age 59 ½.
Contracts purchased in an IRA or other tax-qualified plan provide no additional tax-deferral benefit, since they are already afforded tax-deferred status. All annuity features, risks, limitations, and costs should be considered prior to purchasing an annuity within a tax-qualified retirement plan. For non-qualified annuities, tax deferral is not available to corporations and certain other entities.
While care was taken in compiling this information, the Company reserves the right to correct any typographical errors that may exist.
Issue age for all deferred annuities is the age of the last birthday of the Owner. If joint owners, age of oldest determines commission payout.
Rates, renewal caps, and declared interest rates, will always follow contract provisions relative to minimums and maximums stated. Oceanview determines, at its discretion, the rates, renewal caps and, declared interest rates above the contractual minimums that are guaranteed.
Funds allocated to an index do not directly participate or invest in the stock market or any index.